209 0 Kommentare EfTEN United Property Fund unaudited financial results for 1st quarter of 2024

EfTEN United Property Fund (hereinafter the Fund) earned 94 thousand euros in net profit in the first quarter of 2024 (2023 first quarter: 34 thousand euros in net loss). The fund's revenues increased from 56 thousand euros to 155 thousand euros during the year, and expenses decreased from 90 thousand euros to 61 thousand euros.

In the first quarter of 2024, EfTEN United Property Fund operated in an environment of stabilizing real estate market and euro interest rates. Although transaction activity in the residential and especially commercial real estate market remains relatively low, certain signs of stabilization and recovery were noticeable at the beginning of the year. For example, the sales of the fund's Uus-Järveküla residential development project accelerated somewhat. In the stabilizing real estate market environment, the goal of the fund is to invest most of the free capital in cash-flow commercial real estate and to distribute income to investors twice in 2024.

The assets of EfTEN United Property Fund are 26,354 thousand euros as of 31.03.2024 (31.12.2023: 26,259 thousand euros), of which long-term investments make up 69.2% as of the end of March 2024 (31.12.2023: 68.6%).

In January 2024, EfTEN United Property Fund increased its investment in the EfTEN Residential Fund by 250 thousand euros in connection with the development project of rental apartments in Vilnius. The Vilnius rental building is expected to be completed and to start generating cash flow for the fund in the summer of 2024. EfTEN United Property Fund is planning the last investment in the Vilnius residential rental building in May 2024. After that, no new investments in residential rental buildings are planned.

In the residential district of Uus-Järveküla, approximately 50 parts of terraced houses were handed over to customers in the first quarter of 2023. In addition, the construction works of the II stage started, where 16 semi-detached houses and 14 of terraced houses will be completed by the beginning of 2025. Of these, only 2 semi-detached houses and 4 terraced houses have not been booked by customers.

Statement of the comprehensive income

	1st quarter
	2024	2023
€ thousand
INCOME
Interest income	151	106
Dividend income	22	23
Other financial income	5	0
Net profit / loss from assets recognised in fair value through profit or loss	-23	-73
Investments in subsidiaries	-148	28
Investments in funds	125	-101
Total income	155	56

COSTS
Operating expenses
Management fee	-28	-27
Costs of administering the Fund	-6	-12
Other operating expenses	-27	-51
Total operating expenses	-61	-90

Profit / loss for the period	94	-34
Total profit / loss for the period	94	-34

Ordinary and diluted earnings / loss per share (EUR)	0,04	-0,01

Statement of financial position

	31.03.2024	31.12.2023
€ thousand
ASSETS
Current assets
Cash and cash equivalents	5 788	5 731
Short-term deposits	1 563	1 795
Other receivables and accrued income	754	711
Total current assets	8 105	8 237

Non-current assets
Financial assets at fair value through profit or loss	12 581	12 354
Investments in subsidiaries	906	1 054
Real estate funds	11 675	11 300
Loans granted	5 668	5 668
Total non-current assets	18 249	18 022
TOTAL ASSETS	26 354	26 259

LIABILITIES
Current liabilities	4	3
Total liabilities, excluding net asset value of the fund attributable to shareholders	4	3

NET ASSET VALUE OF THE FUND
Net asset value of the fund attributable to shareholders	26 350	26 256
Total liabilities and net asset value of the fund attributable to shareholders	26 354	26 259